The FAR Sample Questions exam materials is a dump, maybe many candidates will worry about how to payment and whether it is safe when pay for it. Some people may think that online shopping is not safe. Now I will tell you responsibly that our payment method of FAR Sample Questions exam materials is very secure. Up to now, we have more than tens of thousands of customers around the world supporting our FAR Sample Questions exam questions. If you are unfamiliar with our FAR Sample Questions study materials, please download the free demos for your reference, and to some unlearned exam candidates, you can master necessities by our FAR Sample Questions training guide quickly. Our FAR Sample Questions exam materials demo will fully show you the characteristics of the actual exam question, therefore, you can judge whether you need it or not.
So are our FAR Sample Questions exam braindumps!
That is why our FAR - CPA Financial Accounting and Reporting Sample Questions exam questions are popular among candidates. There are so many advantages of our FAR Reliable Test Objectives Pdf actual exam, and you are welcome to have a try! We have put substantial amount of money and effort into upgrading the quality of our FAR Reliable Test Objectives Pdf preparation materials, into our own FAR Reliable Test Objectives Pdf sales force and into our after sale services.
Time is flying and the exam date is coming along, which is sort of intimidating considering your status of review process. The more efficient the materials you get, the higher standard you will be among competitors. So, high quality and high accuracy rate FAR Sample Questions practice materials are your ideal choice this time.
AICPA FAR Sample Questions - Or you can choose to free update your exam dumps.
With the development of society, the FAR Sample Questions certificate in our career field becomes a necessity for developing the abilities. Passing the FAR Sample Questions and obtaining the certificate may be the fastest and most direct way to change your position and achieve your goal. And we are just right here to give you help. Being considered the most authentic brand in this career, our professional experts are making unremitting efforts to provide our customers the latest and valid {CertName} exam simulation.
After using our software, you will know that it is not too difficult to pass FAR Sample Questions exam. You will find some exam techniques about how to pass FAR Sample Questions exam from the exam materials and question-answer analysis provided by our Omgzlook.
FAR PDF DEMO:
QUESTION NO: 1
Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
A. I & II
B. I & IV
C. II & III
D. III & IV
Answer: D
Explanation:
Choice "d" is correct. Statements III and IV are correct. Statement I is incorrect because fair value is a market-specific measure, not an entity-specific measure. Statement II is incorrect because fair value is an
exit price (the price to sell an asset or transfer a liability), not an entrance price. Choices "a", "b" and
"c"
are incorrect, per the above Explanation: .
QUESTION NO: 2
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with
Quo's president and outside accountants, made changes in accounting policies, corrected several errors
dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting
error.
Item to Be Answered
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income
from these service contracts.
List A (Select one)
A. Change in accounting principal.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
Answer: C
Explanation:
Choice "c" is correct. Change from the cash method to the accrual method is a correction of an error in
previously presented financial statements.
QUESTION NO: 3
Financial reporting by a development stage enterprise differs from financial reporting for an established
operating enterprise in regard to footnote disclosures:
A. Only.
B. And expense recognition principles only.
C. And revenue recognition principles only.
D. And revenue and expense recognition principles.
Answer: A
Explanation:
Choice "a" is correct. Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to (more extensive) footnote disclosures only.
Choices "b", "c", and "d" are incorrect. Revenue and expense recognition principles are the same.
Rule:
Development stage enterprises should present financial statements in accordance with GAAP and make
additional disclosures such as: cumulative net losses, cumulative deficit (as part of equity), cumulative
sales and expenses (as part of the income statement), cumulative statement of cash flows and supplementary "shareholders equity."
QUESTION NO: 4
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with
Quo's president and outside accountants, made changes in accounting policies, corrected several errors
dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting
error.
Item to Be Answered
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)
A. Change in accounting principal.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
Answer: B
Explanation:
Choice "b" is correct. Change in lives of fixed assets is a change in accounting estimate.
QUESTION NO: 5
The summary of significant accounting policies should disclose the:
A. Maturity dates of noncurrent debts.
B. Terms for convertible debt to be exchanged for common stock.
C. Concentration of credit risk of all financial instruments by geographical region.
D. Criteria for determining which investments are treated as cash equivalents.
Answer: D
Explanation:
Choice "d" is correct. The criteria for determining which investments are treated as cash equivalents would be part of the summary of significant accounting policies. Choice "a" is incorrect. The maturity dates of noncurrent debts are required disclosures, but are not a part of the summary of significant accounting policies. Choice "b" is incorrect. The terms for convertible debt to be exchanged for common
stock are not accounting policies; they would be disclosed separately. Choice "c" is incorrect. The concentration of credit risk of all financial instruments by geographic region may be a required segment
disclosure, especially for financial institutions. However, it would not be a part of the summary of significant accounting policies.
But we can help all of these candidates on SAP C-ARP2P-2404 study questions. Quality should be tested by time and quantity, which is also the guarantee that we give you to provide Microsoft AZ-700 exam software for you. So let our Nutanix NCP-CI-Azure practice guide to be your learning partner in the course of preparing for the exam, it will be a wise choice for you to choose our Nutanix NCP-CI-Azure study dumps. IAPP AIGP - Now you can have these precious materials. After nearly ten years' efforts, now our company have become the topnotch one in the field, therefore, if you want to pass the Salesforce CRT-251 exam as well as getting the related certification at a great ease, I strongly believe that the Salesforce CRT-251 study materials compiled by our company is your solid choice.
Updated: May 26, 2022